Thomson Reuters OneSource Indirect Tax users can now lodge via SBR from GovReports

Posted on 16 May 2014

Australia, May 16th, 2014 - GovReports is extending its online compliance lodgment services to corporates with its move to integrate with Thomson Reuters' OneSource Indirect Tax.

GovReports is Australia's leading XBRL and Standard Business Reporting (SBR) products and solutions provider. Its application integrates with various finance, payroll, tax and ERP software typically used by small & large, international and multinational corporations to provide them with the capability to lodge compliant reports simply and accurately with ease of file upload or direct access from the software.

This will enable companies to make significant gains in cost efficiency, time and resources.

GovReports Director, Tiana Tran is pleased with the integration with Thomson Reuters OneSource Indirect Tax as the development will provide further options to corporates to report to Government online.

"As we know, successive Governments talk constantly about cutting red tape and reducing costs for business,. Our product and solution is leading the way in helping realise the Government's red tape reduction agenda.

Through streamlining business reporting to Government, which is still heavily manual and labor intensive, business will save time and money.

In 2012, the Australian Productivity Commission estimated potential benefits of SBR to business, under the program's initial financial reporting scope, to be in the order of $500 million a year based on 60 per cent take up."

"We now have successful integration with a number of popular accounting and financial packages used by businesses and their advisers," Ms Tran said.

"The integration for Thomson Reuters' OneSource Indirect Tax users means businesses using the software will reduce the risk of data entry errors and saves time when lodging IAS and or BAS."

"Lodgment reports and receipts are accessible for five years to help companies meet retention and auditing requirements."

Businesses can now take advantage of the integrated applications and be able to lodge IAS/BAS in real time. Their lodgment data is securely stored, encrypted and backed up across multiple servers for up to 5 years which is required by ATO if in case of auditing.

GovReports cloud based lodgment portal allows AUSkey holders to easily submit reports to the ATO from a wide variety of web-enabled devices. Information is pre-filled from the ATO as well as from software packages, with online accessibility and easy to manage reporting and compliance process.

GovReports will continue to expand its new offerings throughout 2014.

About GovReports

Impact Management Group Pty Ltd (eIMPACT) is Australia's leading XBRL and Standard Business Reporting (SBR) products and solutions provider. A fast growing company, GovReports is the company's leading product and it is leading the way in realising Australian Government's red tape reduction SBR Program with the largest collection of SBR forms in the market to date.

A strong commitment to XBRL and SBR technologies within the organisation, GovReports is positioning itself as a technology leader by continually building and providing innovative management solutions to the Australian market and beyond.

For media enquiries please contact:

Tiana Tran
GovReports(eIMPACT)
1300 65 25 90
tiana@eimpact.com.au